MSCC(MAIN)2024-05-09 20:29Financial Performance - First Quarter 2024 net investment income was $89.8 million, or $1.05 per share, representing an 11% increase from the prior year[5] - Distributable net investment income for the first quarter was $94.4 million, or $1.11 per share, a 10% increase year-over-year[5] - Total investment income increased by $11.4 million, or 9%, to $131.6 million compared to the same period in 2023[8] - Total investment income for the three months ended March 31, 2024, was $131,606,000, an increase of 9.9% from $120,254,000 in the same period of 2023[34] - Net investment income for the same period was $89,807,000, up 10.3% from $80,967,000 year-over-year[34] - The net increase in net assets resulting from operations was $107,147,000, compared to $79,592,000 in the prior year, reflecting a significant growth of 34.7%[34] - Distributable net investment income increased to $94,372,000, a rise of 10.5% from $85,443,000 in the previous year[38] Asset and Liability Management - Net asset value per share rose to $29.54, a 1.2% increase from $29.20 at the end of 2023[5] - Total assets as of March 31, 2024, were $4,758,818,000, compared to $4,443,570,000 in the prior year, marking an increase of 7.1%[36] - Total liabilities increased to $2,242,848,000 from $1,966,171,000, reflecting a growth of 14.1%[36] - Control investments at fair value were $2,051,212,000, up from $2,006,698,000, showing a 2.2% increase[36] - Cash and cash equivalents increased significantly to $114,984,000 from $60,083,000, representing a growth of 91.5%[36] Investment Portfolio - The company completed $91.8 million in lower middle market portfolio investments and $154.5 million in private loan portfolio investments during the quarter[7] - As of March 31, 2024, the LMM portfolio includes 81 companies with a fair value of $2,361.5 million and a cost of $1,850.3 million, representing a debt investment percentage of 72.5%[17] - The average EBITDA for the LMM portfolio companies is $8.7 million, with a median net senior debt to EBITDA ratio of 3.0 to 1.0[18] - Non-accrual investments represent 0.5% of the total investment portfolio at fair value and 2.0% at cost, with total portfolio investments at fair value being 115% of the related cost basis[19] Expenses and Dividends - Declared regular monthly dividends of $0.72 per share for Q2 2024, a 6.7% increase from the same quarter in 2023[5] - Total cash expenses increased by $2.4 million, or 7%, to $37.2 million in Q1 2024 compared to Q1 2023[9] - The company maintained an Operating Expenses to Assets Ratio of 1.3% on an annualized basis for both Q1 2024 and Q1 2023[10] Management and Ratings - The External Investment Manager earned $5.7 million in management fee income, an increase of $0.2 million from Q1 2023, and $3.9 million in incentive fees, an increase of $0.6 million from Q1 2023[20] - The total assets under management by the External Investment Manager reached $1.5 billion by the end of Q1 2024[24] - The company maintains an investment grade corporate rating of BBB- with a stable outlook from both Fitch Ratings and S&P Global Ratings[17] Liquidity and Financing - As of March 31, 2024, the company had aggregate liquidity of $1,217.0 million, including $115.0 million in cash[13] - The Corporate Facility has total commitments of $995.0 million, with $313.0 million currently borrowed at an interest rate of 7.3%[15] - The SPV Facility has total commitments of $430.0 million, with $10.0 million currently borrowed at an interest rate of 7.9%[15] Shareholder Information - The weighted-average shares outstanding increased to 85,138,530 from 79,552,200, an increase of 6.5%[34]